Help for Underwater Mortgages

If you want to refinance but your home has declined in value, U.S. Bank may be able to help.


Home Affordable Refinance Program (HARP)

In 2011, enhancements were made to the Home Affordability Refinance Program (HARP) to help homeowners refinance their current mortgage even if the value of the home has declined. Some of these changes, which are effective through December 31, 2018, include:

  • Updated loan-to-value ratio guidelines addressing declining property values
  • Updated guidelines regarding owner occupancy
  • New delinquency requirements – Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months
  • New documentation requirement – Verification of income source is now required

If you have a Freddie Mac or a Fannie Mae loan:

Learn more about the Home Affordability Refinance Program (HARP) and how it can help eligible borrowers take advantage of low interest rates and other refinancing benefits.

Other Options

If you are not eligible or do not qualify for a refinance under the HARP program, U.S. Bank may have other options to help you with your mortgage loan.

We are committed to trying to help our borrowers under the Making Home Affordable Program. While not all borrowers are eligible and may not qualify under the program, we urge you to contact us if you are unable to make or are having difficulty making your loan payment.

Get Started


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Find out in minutes how much you may be able to refinance.

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